Today’s real estate market offers you plenty of choices for where to get a home loan. You can go to your bank. You can also turn to one of the online lending sites and search for a loan without ever leaving your house. Finally, you have the option of working with an independent mortgage broker to help you get the funding you need for your dream home. With all of these options, it can be a bit overwhelming and difficult to figure out which is best for your needs. However, if you compare the pros and cons of all your lending options, it’s clear that nothing beats an independent mortgage broker.

… The Federal Reserve slashed interest rates, which dropped mortgage rates to historic lows. In response, 2020 saw a housing boom that hasn’t been seen since 2006. However, the housing market has cooled slightly in recent weeks, which begs the question: Has the real estate boom gone bust?

The house buying frenzy has been fueled by historically low mortgage rates designed to buoy the pandemic-hit economy. Recently, the world has learned that relief from the pandemic might be on the way from two different vaccines. This is great news! Everyone wants this pandemic to end. The question is, what do these vaccines mean for the real estate market and mortgage rates?

Home sales have defied expectations as people have been rushing to buy homes because of record low mortgage rates. If 2020 were a normal year, people would expect the housing market to cool down with the cool weather. However, 2020 isn’t a normal year and we expect home sales to stay red hot during the winter.

he fuel behind the flaming real estate market has been record low mortgage rates. These attractive mortgage rates are causing even unlikely groups, like millennials, to jump into the home buying frenzy. While home sales are up overall, some types of homes are more in demand than others. Right now, luxury home sales are fueling the real estate market boom.

By all measures, the real estate market is booming. Fueled by historically low interest rates, people have been lining up to buy new homes. This increased demand resulted in home prices increasing about 6.7% from last year. Overall, real estate was one of the best performing sectors of the entire economy. With all of the good news it is understandable why many would be fearful that something might upset the apple cart. However, there are many good reasons why the real estate market outlook will remain positive.

Home prices have gone through the roof due to low inventory and rising demand ... This formula has been fantastic for anyone selling their home. Interestingly enough, it has also been fantastic for homeowners who don’t want to sell their home. The rising prices increased home values across the board and is leaving homeowners flush with equity. This is great news for homeowners. The team at Peoples Choice Mortgages wants to help you understand why equity is a useful asset and you should be jumping for joy.

A survey conducted by Point2Homes suggests that 74% of millennials are interested in buying a home in the next 12 months. The same survey points out that 88% of millennials do not have enough savings to cover the average down payment. Many aren’t aware that down payment assistance is available and might make your dream of owning a home more realistic than you think.

2020 has been a tough year for us all. The coronavirus pandemic has brought with it over a million deaths worldwide. Along with the great number of people who have lost their lives, many have also lost their jobs and are at risk of losing their homes … With so many Massachusetts residents unemployed, many are unable to pay their bills right now. Thankfully there are several programs available to assist those in need during these tough times.

Housing inventory is extremely low. If you're looking to sell, the high demand along with low market inventory may help you get a better deal. You may be able to negotiate the commission your agent receives when you sell your home.

When renovating your home, you want your money and time to be well spent. Successful renovations come from careful planning and financial strategizing. Whatever your home improvement project may be, you want it to be beneficial in the long run. If you are amongst those looking to take on new home renovation projects there are several things that need consideration.

Your debt-to-income ratio (DTI) compares how much you owe every month to the total amount you earn every month. Lenders may consider your debt-to-income ratio along with credit scores and credit reports when determining your eligibility for a loan. Here is what you need to know about your debt-to-income ratio and what you can do to improve your chances of qualifying for a mortgage.

Subprime mortgages are typically issued to borrowers with low credit ratings. Low credit scores may be an indication that the borrower is at high risk for delinquency or defaulting on their loan. A subprime mortgage may get you a loan when you otherwise would not be able to obtain one. However, the risk is not just to the lender. The borrower has great risk as well, and the 2008 housing market crash proved that. Here’s what you need to know.

Amortization is the process of spreading out a loan and interest into a series fixed payments over a set period of time. The loan is completely paid off at the end of the repayment schedule. But what does it mean in regards to your home loan and how does it work?

Even with low inventory, the housing market is doing better than ever. We expect it to stay that way into 2021. However, record low interest rates may not stay so low. Interest rates and housing prices appear to be as low as they are going to get for the foreseeable future. If you are considering purchasing a new home or even refinancing your loan, the time is now.

At this point you have probably heard of a conventional loan or perhaps even had one recommended to you. The conventional loan is the most popular mortgage option. In the first quarter of 2018, 74% of all new home sales were financed using a conventional loan. But what is it and how does a conventional loan compare to other loan options?

Interest rates are currently averaging below 3% and continuing to fall. However, recently announced adverse market fees for Fannie Mae and Freddie Mac loans will soon take effect. The adverse market fees will decrease the benefits of such low rates. These fees will apply to refinancing but not new home purchases.

In real estate escrow is a financial agreement in which a third party holds payment during a transaction. This payment may include money, documents, and other assets. The third party or escrow provider is neutral. It is neither the buyer nor the seller. This third party holds and regulates payment in order to make the transaction more secure.

For the average homeowner, paying off your home loan takes time. It’s a commitment. For those with a 30 year fixed rate mortgage it’s a 30 year commitment. However, there is a way to quicken the process. Accelerated mortgage payments can speed up repayment and save you a lot of cash.

Mortgage forbearance in its simplest explanation is a temporary reduction or pause on monthly mortgage loan payments. Traditionally, mortgage forbearance has been an option for relief during financial hardships. These hardships may include temporary unemployment and illness or injury. It may also be an option when your home is damaged due to a natural disaster, etc. Detailed documentation of these financial hardships is typically required for forbearance on mortgages not covered under the CARES Act.